30 Apr Question: The following table lists gross domestic product (GDP) and approximate population for four countr…
The following table lists gross domestic product (GDP) and approximate population for four countries in 2013. Note that GDP is given in millions of U.S dollars (USD). For example, a value of 16,800,000 suggests that U.S. GDP was approximately $16.8 trillion in 2013. GDP per capita, however, is simply given in dollars (USD) Calculate GDP per capita for each country and enter it in the fourth column of the table GDP per capita (USD) GDP France Liberia India United States Country illions of USD) Population 2,734,949 1,951 1,876,797 16,800,000 66,028,467 4,294,077 1,252,139,596 316,128,839 Source: “The World Bank.” Based on your calculations of GDP per capita, the quality of life in India is probably the quality of life in France What are some of the problems associated with using GDP per capita to compare the quality of life among countries? Check all that apply The estimates of GDP per capita in less-developed countries tend to have greater measurement errors than those from industrially advanced countries GDP is a better measure, since a country with high GDP per capita may still have low GDP GDP per capita is not correlated with economic growth and development. Fluctuating exchange rates may misrepresent the actual differences in the value of goods and services produced
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